Bugcrowd, a US-based crowdsourced cybersecurity platform operator backed by enterprise software provider Salesforce, has received $30m in a series D round led by venture capital firm Rally Ventures.
The round also featured undisclosed new and existing investors and it increased the company’s total funding to $80m.
Founded in 2012, Bugcrowd has built a crowdsourced cybersecurity offering, managing bug bounties for corporate clients and utilising hackers to locate vulnerabilities in a client’s assets. Those clients include Mastercard, Square, HP, Pinterest, Twilio and SAP.
Ashish Gupta, Bugcrowd’s chief executive, said: “Today’s organisations face a continuous strain on their security resources, especially as we move to a remote work culture.
“The Bugcrowd platform provides customers with instant return on investment by providing on-demand access to highly-skilled security researchers on a platform that fosters collaboration between the security and engineering teams and delivers high quality submissions with no false positives to maximise our customers’ resources.”
Salesforce’s corporate venturing arm, Salesforce Ventures, took part in a $26m series C round for Bugcrowd in early 2018 that was led by Triangle Peak Partners and also backed by Rally Ventures, Blackbird Ventures, Costanoa Ventures, Industry Ventures, Paladin Capital Group, Stanford University, Hostplus and First State Super.
The company had previously raised $15m in series B funding from Salesforce Ventures, Blackbird Ventures, Rally Ventures, Costanoa Venture Capital, Paladin Capital Group and Industry Ventures in 2016. Its earlier backers include Icon Venture Partners and Square Peg Capital.
